If you ever wonder ‘should I become an entrepreneur?’, or ‘how do I become an entrepreneur?, or even ‘how do I succeed?’, then this article may be of interest to you.
Should I Become An Entrepreneur?
Entrepreneurship is not for everyone, as you have to be very disciplined to make it work for yourself. This is the main reason that most people still work for a boss. They either lack the discipline to make it on their own, or they are afraid of failure.
I think that although some believe that big business is the way to go, there will always be a special place for entrepreneurs. Entrepreneurs have the edge over their bigger competitors, as can be seen by all the smaller dot coms that are reaping the rewards, while the bigger businesses battle to break even with all the overheads they have to pay.
This is one of the main reasons why you should or can become an entrepreneur.
Other reasons include:
- Doing something you enjoy rather than something you have too.
- Not having anybody to answer to except yourself.
- Flexible working hours, but just make sure you set these strictly for yourself.
- Unlimited earning potential, as you get out what you put in.
- Working from home saves on rent, petrol and the stress of driving to your workplace through the traffic.
How Do I Succeed?
Let’s look at ways that you can keep the entrepreneurial edge.
1) STAY IN TOUCH WITH YOUR CUSTOMERS
If you know about the 80/20 rule which says that 80% of your business will come from 20% of your customers., then you know that in business, the customer is the king.
It’s far easier to sell to an existing customer than to find a new one. So, once you get a customer, you need to work hard at keeping them.
Make your customers feel like they are very important. This means answering your own phone, replying quickly to email requests.
It means staying in regular communication with your customers. Send an occasional email asking them what’s new.
Mail birthday cards or a customer anniversary card. Gestures like these can build close, long-lasting customer relations and goes a long way towards building customer loyalty.
In addition to building stronger customer relationships, keeping in touch with your customer base can enable dot coms to offer one to one marketing.
By identifying your customer’s needs and buying habits, you can personalize product packages and service offerings to meet your customer’s individual needs.
2) TAKE NOTE OF WHAT IS GOING ON AROUND YOU
If small business owners want to keep their head above water, they need to take note of what is going on around them. This means you need to spot new opportunities as they are coming around so that you can act quickly and take advantage.
Make sure to get feedback from your customers, and try to be on a first-name basis with your customers. Enquire after their health and check with them if there is anything you can do to assist them.
Keep up with your industry and read everything you can get your hands on. You can keep in the know by subscribing to print magazines and online newsletters.
When I think about flexibility, the childhood rhyme “Jack be nimble, Jack be quick, Jack jump over the candlestick” comes to mind.
In order to keep from being burned, small businesses need to be nimble and quick. This means having the flexibility to act quickly in response to changes in the marketplace.
It’s just like a surfer riding a wave, you have to be in just the right place at the right time to ride the crest of the wave and get the best ride. Likewise, if small businesses monitor closely what’s going on in the marketplace, they can act quickly to take advantage of current events and trends in the marketplace.
Make sure to keep a close eye on your monthly financials, listen to your customers and look constantly at the effectiveness of your advertising and marketing. Check to see whether you are improving or not and then take action accordingly.
4) TAP INTO THE FIRE AND LET IT FUEL YOU
It is said that entrepreneurs and small business owners want it more, and because of this they will try harder and go the extra mile.
That is why bigger companies are starting to make their employees part owners in the company because then they know that they will work harder if it is for themselves.
The best secret to success as an entrepreneur is to find something you are passionate about and create a business around that.
When you do something you love you’ll never “work” a day in your life or at least feel as if you are working. Entrepreneurs have that fire in their belly and that is what fuels them to go on. So, find a way to tap into that internal fire and let it fuel you to success.
While big companies will often be able to offer lower prices, small businesses will always be able to pile on the value more. By offering better service, adding bonuses, giving and discounts on related products, the entrepreneurs can add more bang for the buck. This is a big advantage for small businesses.
6) CREATIVE SPARK
Entrepreneurs normally are not afraid to try something new. Like children, they like to try new things, and they normally try something to see if it will work, whereas the bigger businesses will go with the tried and tested. By being innovative, entrepreneurs can tap into new techniques, products and processes to make them even more successful.
They say, when the going gets tough, the tough get going.
So when the heat is on you, do you stay sharp. You need to be a star when it comes to having the entrepreneurial edge so that you can compete with the bigger companies.
When you find that kind of hard-earned success, it is the most wonderful feeling in the world.